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You may deduct home office expenses if you meet these tests:Principal place of business. If you use your home office, exclusively and on a regular basis, as your principal place of business. Furthermore, the home office must satisfy either the "management and administrative" test or...

Most entertainment expenses are 50% deductible. However, the IRS allows you to write off 100% of entertainment expenses, if you are using it to grow your business and you follow the rules.The IRS uses the term "associated entertainment", but its really fun. That's right, such as...

If you want to deduct the cost of your health insurance when you operate your business as an S Corporation, you have to pay for the health insurance through the corporation. The corporation must either pay for the insurance directly or reimburse you for the...

Shareholders often loan money to their corporation in order to keep the business operating. There are rules and regulations in the Internal Revenue Code (IRC) that must be adhered to in order for loans to be treated as such, and not an equity contribution.When a...

If your a business owner, you need to be familiar with Internal Revenue Code Section 274 (IRC 274), IRC 274 is the substantiation regulation. All that means is that certain deductions that are claimed on a business tax return, must be supported by appropriate documentation....

For business owners, entertaining clients is a time-honored tradition. However, you must be extremely careful, because it's a sensitive area with the IRS.Here's 5 ways to maximize your business meal and entertainment deductions.Get down to business. Any entertaining must be directly related to the active...

The Alternative Minimum Tax (AMT) is a tax on your deductions. Yes, you read that right.Its an additional tax that is calculated and added to the regular tax computed. The AMT stealth tax works by eliminating or reducing taxpayer's deductions that one gets with the...

The Kiddie Tax was created by lawmakers to prevent taxpayers from shifting income to their children to take advantage of the child's lower tax bracket. This tax can arise also without income shifting as well.Does your child have investment accounts that generate income? If so,...

There are many benefits to sending your children to summer camp, but did you know the IRS will give you a tax credit for the cost and effort.If your child goes to day camp this summer while you and your spouse work, the cost qualifies...

A self directed IRA is an individual retirement account (IRA)--classified as a Roth, Traditional, SEP, Inherited , or SIMPLE. Self directed allows the custodian to invest these funds into any investment allowed...